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It is noted that despite the fact that this problem is discussed in many textbooks, it has never received a mathematically rigorous treatment, since the theorems providing a ``transversality condition at infinity'' which is used are not valid in the context of this problem. This paper offers a complete treatment of the problem, which uses the Hamilton-Jacobi equation, which in this case is an ordinary differential equation in implicit form, that is, it is not solved for the derivative. A careful geometric analysis is used to characterize the optimal solution of the Ramsey problem. The Ramsey problem is then extended to the case of a non-constant discount rate, in which case the optimal growth is no longer relevant because of time inconsistency, and a concept of equilibrium strategy is introduced. 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